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Part 7: Planning. Planning. Business Size and Growth. Retirement Plan. Business Plan. Succession Plan. Accounting. Accounting. “ Know well the conditions of your flocks, and pay attention to your herds; for riches are not forever ” (Proverbs 27:23-24)
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Planning Business Size and Growth Retirement Plan Business Plan Succession Plan Accounting
Accounting • “Know well the conditions of your flocks, and pay attention to your herds; for riches are not forever” (Proverbs 27:23-24) • My business has adequate accounting. Yes or No
Planning Growth Plan Business Plan Accounting 4
Business Size and Growth • Personal Issues • Am I growing to become rich? • Am I compromising? • Am I driven by pride? • Am I in balance? • Am I content?
Business Size and Growth • Business Issues • Do you have adequate capital to expand? Yes or No • Do you have the time and capacity to expand? Yes or No • Do you have enough capable and trustworthy staff to expand? Yes or No
Business Size and Growth • Business Issues • Do you have adequate systems and processes to control growth? Yes or No • Do you and your spouse agree on growing the business? Yes or No
Planning Retirement Plan Business Size and Growth Business Plan Accounting 8
Retirement Plan • Retirement is a biblical principle. T or F • Is retirement necessary? Yes or No • Is retirement acceptable? Yes or No
Retirement Plan • Is retirement being funded at the expense of your other goals? • Needs of employees • Needs of family • Survivability of business • Giving
Planning Business Size and Growth Retirement Plan Business Plan Succession Plan Accounting 11
Succession Plan • Heirs should be trained “Train up a child in the way he should go, even when he is old he will not depart from it” (Proverbs 22:6) According to this verse it is important to train your heirs properly. T or F
Succession Plan • Heirs should be participants • “When there is a man who has labored with wisdom, knowledge and skill, then he gives his legacy to one who has not labored with them. This too is vanity and a great evil” (Ecclesiastes 2:21) • According to this verse an heir should be an active participant in your business. T orF
Succession Plan • Death is a certainty “He sees that even wise men die; the stupid and the senseless alike perish and leave their wealth to others. Their inner thought is that their houses are forever and their dwelling places to all generations; they have called their lands after their own names” (Psalm 49:10-11)
Succession Plan • Your spouse is your counselor and heir • “For this reason a man shall leave his father and mother and shall be joined to his wife, and the two shall become one flesh.” (Ephesians 5:31)
Planning Business Size and Growth Retirement Plan Business Plan Succession Plan Accounting
Suggestions for Planning • Set a specificdateto start the process. • Select asite. • Away from the office • Enjoyable place • Eliminate distractions (phones, pagers, etc)
Suggestions for Planning • Select astructurefor your planning session. • Involve God • Make an agenda • Accumulate your facts and materials
Suggestions for Planning • Schedulefutureplanning times. • Periodic evaluations • Make adjustments • Add new items as needed • Delete non-value added items
Planning Principle Planning is essential to making wise business decisions.
Planning Testimony
EVALUTIONS Page 71 & 72